Country like India has undergone significant changes during the last twenty years for developing tax system. Tax policy was employed as a principal instrument for correcting severe budgetary system. Article 265 of constitution deals with taxes “No tax shall be levied or collected except by authority of law.” Basically there are two types of tax- Direct and Indirect Tax. Direct tax is direct charged on income, wealth etc. which is paid by an individual to the central government of India which is known
Goods and service tax (GST) is an indirect tax structure designed by the Indian government with the objective to remove tax burden of the society. Its basic objective to reduce multiple cascading taxes levied by the central and state governments like VAT, service tax, entertainment tax, luxury tax etc. The reform process of indirect tax started in the year 1986 with the introduction of the Modified value added tax (MODVAT). The present paper highlights the impact of GST on FMCG products and also
In this direction, the following developments have taken place. Administrative Reforms Commission The Central government appointed a six-member Administrative Reforms Commission (ARC) in 1966 under the chairmanship of Morarji Desai (followed by K Hanumanthayya) The important recommendations regarding Centre-state relations are: 1. Establishment of an Inter-state Council under
This paper is about the PESTLE analysis of India. This is an analysis managers carry out before considering entry into a country, they look at various factors and how it will impact their businesses, and this analysis also helps them make strategic decisions. INDIA India is one of the oldest civilizations in the world with vast cultural heritage. It has achieved all-round socio-economic progress during the last 67 years of her Independence. India has become self-sufficient in agricultural production
Learning from Mistakes Throughout the Industrial revolution, there were many disastrous consequences, but without learning from those consequences, good things would never have come out of this revolution and even though the number of negatives outweighs the positives, the revolution’s positives make the most difference compared to the negatives. I don’t believe in the statement: The Industrial Revolution had more negative effects on the world community than positive effects, because it isn’t about
country. Many still are arguing over the fact that education is a birth right, it is also important to note that it is this education that is going to empower so many thousands of youth in the country. 1. The linguistic education: in a country as India it is very important for one to have knowledge in many languages to survive the differences when seeking opportunities beyond physical boundaries. As the youth of the country they must have command over multiple languages so as to help and guide the
I. Effects Positive effects Gap between rich and poor helped to arouse social dynamics in humans in many social groups, stimulate them seek out and exploit chances which took the opportunity to develop, stimulate the creation of human beings, in order to create a competitive environment drastically, thereby screening filtration and selection of outstanding members, motivate the development of each occupations, each field or each locality. Moreover, the groups and social groups which are rich thanks
joint the relationship between tax evasion, illegal activities, and information-distorting activities. The underground, hidden, informal and clandestine economy is not composed of illicit activities, but also undeclared income that comes from the production of legal goods and services, both monetary transactions and barter transactions. Therefore, the underground economy includes all economic activity that, in general, would be subject to taxes if it were declared to the tax authorities. However, it is
during lean periods. 4. Capital Account Liberalisation While there is full convertibility on the current account, the capital account is being opened in phases, in line with development requirements and financial sector developments. This helped India avoid the fallout of Asian Crisis in late 1990s and also enabled it to be less affected by the global crisis of 2008-09. A major advantage of the approach is that the approach is that the flow of ‘hot money’ opportunely seeking interest arbitrage has
BANKING IN INDIA Without a sound and effective banking system in India it cannot have a healthy economy. The banking system of India should not only be hassle free